Downtown Mixed-Use Income
217 West Cherry Street Lancaster, WI 53813
217 West Cherry Street, Lancaster, WI, 53813
$225,000
For Sale
$225,000
Brick three-unit building with a vacant main-level commercial space and two upper residential units.
Property Size2,300 SF
Price / SF$97.83
Days on Market521
Property Features for 217 West Cherry Street
General Information
- Standard status
- Active
- Size
- 2,300 SF
- Property subtype
- Multi Family / 2 story
Building Details
- Year Built
- 1890
Listing agency
RE/MAX Preferred
(608) 617-2727
Listed by
Scott Schroeder · License #59137-90
(608) 617-2727
Source
Compass
Added: Feb 16, 2025 Updated: Jul 22 at 12:36AM Checked: Jul 22 at 12:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Preferred
Investment Insights
Based on property information with market context.
This 3-unit income property features a solid brick building with a commercial space on the main level and two residential units upstairs. The main-level space is vacant and includes a full bath, an office, and a large storage area, with large display windows and wood floors. Updates noted by the seller include furnace, plumbing, electrical, and flooring. A full basement is available for storage.
The upper units include one 1-bedroom unit that is occupied on a month-to-month basis and one efficiency unit that is currently vacant. The occupied unit has an open concept layout with a kitchen area, living room, and dining area, plus a bathroom with laundry. The efficiency unit includes a full bath.
All appliances are included with the property. The seller pays utilities, and rents reported by the seller have been $650 for the commercial unit, $800 for the efficiency unit, and $1,000 for the 1-bedroom unit.
The upper units include one 1-bedroom unit that is occupied on a month-to-month basis and one efficiency unit that is currently vacant. The occupied unit has an open concept layout with a kitchen area, living room, and dining area, plus a bathroom with laundry. The efficiency unit includes a full bath.
All appliances are included with the property. The seller pays utilities, and rents reported by the seller have been $650 for the commercial unit, $800 for the efficiency unit, and $1,000 for the 1-bedroom unit.
Key Highlights
- Brick 3‑unit income property with commercial space on the main level and 2 residential units upstairs
- Main‑level commercial space is vacant and includes a full bath, office, and large storage area
- Upper units include a 1‑bed unit currently occupied and an efficiency unit currently vacant
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.2k | $13.56 |
| − Vacancy | −$2.4k | −$1.03 |
| EGI | $28.8k | $12.53 |
| − OpEx | −$8.6k | −$3.76 |
| NOI | $20.2k | $8.77 |
2,300 SF · lease $13.56/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Office B
$455.9K
$398.9K – $531.9K
NOI $31,911 @ 7.0% cap · market cap 14.18%
Second Best
Multifamily LT 5
$288.2K
$252.2K – $336.2K
NOI $20,172 @ 7.0% cap · market cap 8.97%
Theoretical Best
Office A
$636.7K
$557.2K – $742.9K
NOI $44,572 @ 7.0% cap · market cap 19.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Brick three-unit building with a vacant main-level commercial space and two upper residential units.
Where is this triplex located?
The property is located at 217 West Cherry Street Lancaster, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Brick 3‑unit income property with commercial space on the main level and 2 residential units upstairs; Main‑level commercial space is vacant and includes a full bath, office, and large storage area; Upper units include a 1‑bed unit currently occupied and an efficiency unit currently vacant
